Companies that seek to research or develop an advance in their field qualify to claim Research and Development tax reliefs from HMRC. This can be a great source of additional income that allows the business to further develop ideas. The claim can be made as either a cash payment or a tax reduction.
An activity is considered Research and Development if it meets the following criteria;
- Seeking an advance in science and technology
- Attempting to resolve scientific or technological uncertainties
- Developing net and innovative products, processes, or services
- Enhancing or appreciably improving existing ones
What we can help you with
We provide a tailored service in relation to the claim and produce the report and file the claim. The details required to complete include;
- Staff costs, which include their Gross salary, employer’s NIC, pension contributions and other expenses.
- Subcontractors and freelancers, with up to 65% of their fees being recoupable.
- Externally provided (agency) workers’ fees, but not the agency fees charged to find the workers.
- Materials and consumables including heat, light and power that are used up or transformed by the R&D process.
- Certain types of software, including items that are used for other purposes as well.